GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.09% against the USD and closed at 1.7073.
Yesterday, a private survey by the Ernst and Young Item Club projected the UK economy to grow by 3.1% this year, the fastest growth of all the G7 countries.
In the Asian session, at GMT0300, the pair is trading at 1.7077, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.7054, and a fall through could take it to the next support level of 1.7032. The pair is expected to find its first resistance at 1.7100, and a rise through could take it to the next resistance level of 1.7124.
Trading trends in the Pound today are expected to be determined by public sector net borrowing and the CBI survey numbers from the UK, slated to release later during the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
